BoE paper extracts inflation expectations from market rates
Market rates are imperfect measure of expected future inflation, according to economists
A working paper, published by the Bank of England, seeks to separate CPI inflation expectations from the breakeven inflation rate in the UK, stripping out the risk premia and spread between CPI and RPI inflation inherent in market rates.
The informational content of market-based measures of inflation expectations derived from government bonds and inflation swaps in the United Kingdom, by Zhuoshi Liu, Elisabetta Vangelista, Iryna Kaminska and Jon Relleen, argues market rates "are not perfect
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